HELOC from Investment Property

[Tim Triplett]

Hello - I am trying to unlock some equity out of my house to purchase another property. My first thought is a HELOC but ive called 10+ banks and credit unions and none of them have a program for investment property. Has anyone gotten a HELOC from an investment property (not primary) in Maryland?

Or are there other options outside of refinancing? I don't think that's the move since my interest rate is at 4.3%

[Devin Peterson]

The misconception about this product is that there are some lenders out there that have it available, but not the way you would want it. They are not DSCR piti wash programs. They consist of full underwrites and use the bottom line schedule E net income to qualify. If you are like most investors, you write everything and the kitchen sink off. SO odds of beating a 45% dti ratio are slim.